If you are thinking about opening a business or you are thinking about going back to school to secure your degree, or you need assistance with housing or any other thing that has to do with finances, government grants can be a way out of the need. By applying for a government grant, you will be able to meet your financial needs without any hitch.
A grant refers to funds that are provided by an honoring institution, such as a department of the government, a foundation, or a corporation. The money is set aside by this institutions for specific purposes; for example, housing grants are money that is set aside to help pay for the cost of housing, and education grants are money that is intended to be used to cover the expense of higher education. Unlike a loan, a grant does not have to be repaid, which is the primary benefit of this type of funding.
What you should know before applying
Different grants are given for different reasons and purposes. An application or a proposal is necessary to be submitted in order to qualify for grant funding. People that would be considered for the grant are those that meet the qualifications for the grant. The issuing agency will review the information you give after submitting your application or proposal in order to determine whether or not an individual is eligible for the grant.
If you’ve thought about applying for a grant, you might be a little overwhelmed by the process. If you’ve never applied for one before, it can, indeed, be a tedious task. It doesn’t have to be though. Below, we share some simple tips that you can use to apply for – and hopefully secure – grant funding.
Determine if You Actually Need Grant Funding
With grants, you will have the ability and capacity to do a lot of things that you would not have been able to do without proper funding. It is however important to know and note that not everyone that applies for a grant would receive the funding. The first thing is you are expected to be eligible for the offer, if you are not eligible, be sure your request will be rejected. Additionally, applying for grant funding is a lengthy and complex process. Therefore, it’s important to determine whether or not there are other sources of funding that you may be eligible for, and if so, whether those options or a grant would be a better option for your needs.
Locate Grant Sources
Variety of sources such as different departments of government (federal, state and local), academic institutions, business, non-profit organizations etc. backs grants. Pinpoint a source that is affiliated with or supports the purpose of funding that you are trying to achieve. For example, if you are interested in securing a grant to assist with your college education, the federal government does offer funding options, as do many institutions of higher learning and non-profit organizations.
Where to find
In order to locate sources of grant funding sources, the best place is to go online where you can find multiple resources. You can also consider speaking with someone who is associated with your mission and who would be knowledgeable in grant if you are finding it difficult to get information yourself. For example, academic advisors would be able to assist you with locating grant sources that fund higher education, while the Small Business Association (SBA) in your local area may be able to assist you with finding sources that issue grants for small business owners. You can also find a wealth of information related to grant sources at your local library.
Understand Eligibility Requirements
There are stringent qualifications applicants must meet before they can secure grant funding. The qualifications of every grant are always clearly stated and any applicants that do not meet the qualifications, they will not be considered. It is very important to make sure you are fully eligible for the grant so as not to make your efforts null and void as it is not easy applying for a grant.
Eligibility requirements could pertain to the applicant, the purpose of the funding, or both. For instance, if you are applying for a grant that will help to cover part of the cost of your college education, you may need to meet minimum requirements regarding your status as a student (fully matriculated, for example), age, income, housing, and other demographic requirements. You may only be permitted to use the grant for specific purposes; on-campus housing, school-related materials, or class credits, for instance.
What happens if I fail the requirements?
Not meeting the requirements of the grant simply means you will not be eligible for funding through the grant you are applying for. Another thing is your application or proposal will be dismissed by the agency that issues the grant money for which you are applying if you do not meet the eligibility requirements and you fail to demonstrate that you meet the requirements and that you are entitled to funding.
Submit Grant Applications
Beginning application process is the next step once you identify a grant that pertains to your needs and you have determined that you do and you also meet the eligibility requirements. You need to secure an application to begin with. The process of obtaining an application may vary from issuer to issuer; however, most grant applications can be found online. If the grant you are applying for is online, download the application and print it out. If the application is not available online, find out how to go about obtaining one.
Take time to review once you have obtained your grant application. Read through and fully understand the fine print and do not just skim through it. Your application may be rejected if you fail to meet the deadline for submission, or you fail to include any required information, or you fail to submit your application appropriately. Take the time needed to properly fill out your application and to develop any necessary information that may be required; a proposal or background information, for example.
Once you have completed your application, thoroughly review it before submitting. Additionally, make sure that you submit your application well in advance of the due date. Should an error arise that could result in a delay of the issuing agency from receiving your application and it is received past the due date, your application will not be considered.
By researching with patience and diligence, you may be able to receive grant funding to meet your needs. Securing grant funding is possible.